Pets at Home set for £1 billon IPO

Pets at Home Group expects to raise £280 million from its IPO next month when it is set to join the £1 billion club.

The expected offer price range of the shares is set at 210p to 260p, which would value the company between £1.05 billion and £1.3 billion. The shares offered equate to a free float of betwen 25% to 40% of the issued capital.

The group said it would use the proceeds of its flotation to pay down debt and together with its new senior facilities agreement of £325 million, overall debt upon flotation will be around £275 million.

Pets at Home chief executive Nick Wood said: 'We believe the listing will provide us with the right platform for the next stage of the group's growth and development.

'We have multiple growth opportunities, including growing the number of Pets at Home stores to over 500, the roll out of Vets4Pets and the Groom Room to our customers, the further growth of our omnichannel offering and enhancing the relationship with our customers through our VIP loyalty programme.'

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